In August, Prices Remained Stable for Second-Hand Housing

In August, in the capital of Azerbaijan and other major cities, despite the relative activity in the secondary housing market, prices remained unchanged. According to the calculations of the public association Consumers of Market Property, the mid-price index is currently on the market 1,312 U.S. dollars per 1 square meter. The average apartment price is 118,212 U.S. dollars.

In comparison with the same period last year, the price increase was 32.1 %. In August there was reduction in the number of transactions.

As in previous months, the most attractive parts of the capital remained Yasamal, Nasimi, Narimanov and Khatai, so their share was 78%.

Decreased demand for 4 and 5 room apartments. There is a growing demand for 1, 2 and 3 room apartments. The growth in demand for two room apartments was 2.6 %.

Experts explain price stability with seasonal factors - the time of holidays. Increase in the activity and higher prices in the market are explained with mortgages, demolition of houses in the central part of the capital and the payment of compensation for that. In the coming days, the activity in this market will continue, and the prices will generally be stable with a tendency to increase.